2014 Owners Magazine
On the Market
As novel development sites in Manhattan, Brooklyn and pockets of Queens become scarce, real estate leaders are turning north to the Bronx, a borough largely seen as the final frontier of the city’s real estate landscape.
“Private investment has for too long overlooked the Bronx, and the collective populations who call the Bronx home—including Latinos, African-Americans and Asians—in our opinion have long been underserved by developers,” said Adam Zucker, Youngwoo & Associates’ director of business development. “With an immense waterfront stretch offering city views, numerous access points to Manhattan, and strong public transportation and highway infrastructure, the fundamentals are ripe for development.”
A development site between Manhattan and Graham Avenues in Williamsburg is on the market for $6 million.
The property, located just east of Northside Williamsburg, across the Brooklyn-Queens Expressway in a relatively underdeveloped nook of Williamsburg, could capitalize on the popularity of its more affluent neighbor.
Fortis Property Group has purchased 151-161 Maiden Lane for $64 million.
Cushman & Wakefield made the announcement today after a team of Helen Hwang, Nat Rockett, Steve Kohn, Jared Kelso, John LiGreci, Bruce Mosler and George Giannopoulos represented Maiden Lane Development LLC in the sale.
“151-161 Maiden Lane is an irreplaceable waterfront location, spanning an entire Read More
The number of Manhattan properties under landmark protection has reached a milestone, but this will only restrain job creation, constrict development and increase the city’s cost of living, according to the Real Estate Board of New York.
A report from REBNY found that 11,857 properties – nearly 27.7 percent – of Manhattan properties are now Read More
The land rush is on.
And along with the pandemonium in the development site market comes values that are rising rapidly. All of this activity points toward a palpable optimism from developers about the future of New York City.
It has been five years since Dan Doctoroff reported to City Hall for work, but the former deputy mayor and current CEO of Bloomberg LP still finds time to think up interesting, even outrageous visions for the city. Well, they would be crazy if they did not have a habit of getting built. After all, so many developments that came out of Mr. Doctoroff’s unsuccessful bid to draw the Olympics to the five boroughs have since been realized regardless, from Atlantic Yards to Hudson Yards to Hunters Point South, the No. 7 extension, water taxis—the list goes on and on.
These success suggest that even though Mr. Doctoroff is no longer in command, might it still be possible to see a gondola stretch across the East River between Lower Manhattan, Governors Island and Brooklyn? Or a light rail line running the entire length of the waterfront from Astoria in Queens to Brooklyn’s Red Hook? Or, most audacious of all, tearing down the Javits convention center and moving it to yet another decked-over rail yard, this time in Sunnyside, where it would be surrounded by apartment and hotel towers and a sizable retail complex?
Rich Marin is big. For more than three decades, he dominated Wall Street, creating some of the industry’s most exotic investments, making billions for his clients, and millions for himself. One of his minions blew a hole in the side of Bankers Trust, a firm Mr. Marin helped transform into a derivatives powerhouse, and still he held on for the ride, becoming the youngest managing director ever at the bank. It all came crashing down five years ago, when the hedge funds he oversaw at Bear Stearns imploded. The rest of the world followed within the year. But there was Mr. Marin, standing amid the wreckage, helping rescue an overzealous Israeli diamond magnate who had plowed $3 billion into prime U.S. real estate just as the frothing market froze over. He rescued the firm, only to be unceremoniously fired two years to the day after he joined.
Now Rich Marin wants to build the world’s largest ferris wheel—in Staten Island, naturally—and the mayor just gave him his blessing.
Did we mention he is big? At the announcement of the project last Thursday, Mr. Marin absolutely dwarfed Mayor Bloomberg and Senator Chuck Schumer, along with the other dignitaries gathered at the ferry terminal. But despite his imposing size—he stands 6-foot-5 and is built like an offensive lineman—Mr. Marin is probably one of the gentlest people on the Street. Were he a real bear, rather than having worked for one, Mr. Marin would be not a grizzly but a teddy. This may help explain his turbulent career.
The cause of the elevator accident at 285 Madison is still being investigated, and it looks like faulty maintenance may have been the cause. Not so for Post real estate sage Steve Cuozzo. He blames the city’s bureaucracy for saddling us with outdated building stock.
Hudson Yards. Atlantic Yards. The Williamsburg waterfront. For the past decade, residential development has been defined by the creation and conversion of soaring condo towers across the city. From Extell’s Ariel twins on the Upper West Side to so many of the Financial District’s former office buildings, this was the way we built, the way we were to live. But the era of the condo project is over
An Arena Grows in Brooklyn
While new development activity is still sluggish in most parts of the country—including throughout the five boroughs—at least one area of Manhattan is seeing several new deals that suggest a construction boom may be in the cards.
Bruce Ratner went on Bloomberg yesterday to discuss the state of the local economy and progress at Atlantic Yards. During the interview, he said he expects to break ground on the first apartment tower at the site by December or January.
That is pushing Ratner’s promise made last fall to have the tower Read More
Ever since Steve Ross trotted out the much-talked-about fact that Related is under discussion for 18 million square feet of leases at Hudson Yards, The Observer‘s nose has been pointed way westward.
By far the biggest news we’ve found is that Credit Suisse-First Boston might be mulling a move to Hudson Yards, according to multiple top Read More
It’s looking rather post-Lehman at 25 Broad Street these days (even though the failed investment bank is still involved). The first 10 tenants have signed at the mammoth downtown residential tower of erstwhile Kent Swig fame.
Recall, Bruce Menin and his partners bought the 20-story office building for a dime in the late ’90s, before Read More
The transformation of the massive Domino sugar refinery into an even bigger condo development has passed its last hurdle–besides finding financing, of course–as a New York Supreme Court judge dismissed a suit seeking to stop the project.
Even with 30 percent of the 2,200 units set aside as affordable housing, the project came under Read More
The corner of Lafayette and Houston, long-time home of the iconic red-blue-and-white Gaseteria, was sexy long before Soho was.
“Gaseteria is very real, very raw, it’s sexy and hip,” Marcello Porcelli, whose father built the chain, told the New Yorker in 2003. “It just represents everything that’s beautiful and wonderful and real about New York. I gave Read More